Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $450,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 6
Program Investment Institution(s): BlackRock, Schwab and Vanguard; “Except to the extent of Federal Deposit Insurance Corporation (FDIC) insurance provided for the Debit/Checking Option, ABLE accounts will be subject to investment risks, including loss of the principal amount invested. ”
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: No.
FDIC Insured: Yes
SB 11 passed the Senate on 2/18/2016, the House on 3/9/2016, and was signed into law on 3/21/2016. SB 184 was introduced and referred to committee on 1/6/16. HB 1407 was introduced and referred to the Committee on Ways and Means on 2/17/16.
Program at a Glance
Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Is there a required minimum contribution to your account? If so, what is the amount?
Is there an annual set fee to maintain the account? If so, how much?
Yes. The current account maintenance fee is $45 annually, payable at $11.25 quarterly if you choose electronic delivery for statements. With paper statements, the fee is $60 annually, payable at $15 quarterly.
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. A $2.00 monthly fee is associated with utilizing the debit card option, however the fee can be waived with an average daily balance over $250 or if enrolled in electronic statement delivery at Fifth Third Bank.
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
- Fee Range
Annual Maintenance Fee:
The current account maintenance fee is $45 annually, payable at $11.25 quarterly if you choose electronic delivery for statements. With paper statements, the fee is $60 annually, payable at $15 quarterly.
If you are invested in the Checking Option, you will be charged a monthly service charge of $2 as set forth in Appendix B to the Plan Disclosure Statement. This fee is waived if your Account has an average daily balance over $250 or if you are enrolled in electronic statement delivery.
Investment Option Fee Range:
Rolled into maintenance fee.
Withdrawal Transaction Fee:
You may request a withdrawal from the Member Plan which can be sent by check or ACH to the Account Owner. You may also access funds invested in the Checking Option by using your debit card, by making an ATM withdrawal or by writing a check. To find a fee-free Fifth Third Bank or partner network ATM, use the ATM Locator at www.53.com
- Annual Maintenance Fee: